PNC Real Estate
PNC Provides Financing for two Vornado Properties


PNC Provides Financing for two Vornado Properties

PNC Real Estate recently financed two luxury rental apartment conversions for Vornado Realty Trust, an S&P 500 Real Estate Investment Trust.

West End 25, Washington, D.C. is a conversion of two six-story office buildings connected by a ground floor lobby that rises into a spectacular ten-story apartment building with 283 units. PNC Real Estate provided the Freddie Mac, ten year $101,671,000 fixed rate non-recourse loan.

220 20th Street, Arlington VA, was originally built in 1968 and reconstructed/converted by Vornado in 2009 from a 13-story office building into a stunning 20-story apartment building featuring 284 units. The permanent financing provided by PNC Real Estate for this property was a $76,200,000 fixed rate Fannie Mae loan.

PNC has had a long standing relationship with Vornado who has engaged PNC to provide a range of finance products. As a result of Vornado's confidence in PNC, the right solutions helped them achieve their goals.